Section 54 of income tax act

Sanjay (Service) (81 Points)

07 November 2016  
Under section 54, any individual or Hindu Undivided Family (HUF) owning a residential house property can claim tax exemption on long term capital gain from sale of residential house property by investing such gains in either, 1.Purchase of one residential house property within 1 year before or 2 years after the date of sale or 2.Construction of one residential house property within 3 years from the date of sale. My query - Is above exemptions in Points 1 & 2 still applicable even if a person has already multiple residential properties.